JPMorgan Reopens New York Gold Vault

JPMorgan Reopens New York Gold Vault
By Jack Farchy
Financial Times, London
Sunday, October 3, 2010
`LINK
JPMorgan has reopened an underground gold vault in New York that was mothballed in the 1990s, in the latest sign of the soaring appetite for bullion.
Investors are piling money into gold in record quantities, pushing the price on Friday to a record nominal high of more than $1,320 a troy ounce. That has made the vaulting business highly lucrative, since banks often charge a small percentage of the value of the gold stored.
Many commercial banks dismantled their vaults in the 1980s and 1990s. But now they are rushing to build: JPMorgan recently built a vault in Singapore, while Deutsche Bank and Barclays Capital are considering opening new vaults in London.
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